My credit union gives a WHOPPING .01% interest on savings and (I just looked) 13% interest on auto loans.
I’m in the wrong business..
My credit union gives a WHOPPING .01% interest on savings and (I just looked) 13% interest on auto loans.
I’m in the wrong business..
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Probably. But you definitely have the wrong credit union.
You need to explore different options. MY CU offers 9 month CDs near 5%. Auto loans aren't any were near 13% unless one has terrible credit
Savings accounts haven’t been very good for a long time. Only use em for money that you need on hand in case of emergency. Best place to put money you want to save and earn with is mutual funds. There is risk involved but do some research, pick funds with good long term and recent performance.
If you need less risk you can do money market funds and/or CD’s, the return isn’t as great but very little risk as opposed to mutual funds having a down year or two in a row.
I made a killing in communications and technology mutual funds between 2004 and 2022 when I retired, the money i put in was quadrupled over that time. There were some really bad years but long term I averaged over 12% return.